The document discusses the launch and success of Pulse, a raw-mango-flavored hard-boiled candy by the DS Group, which rapidly became a market leader in the Indian confectionery sector within two years of its launch in 2015. Achieving sales of ₹3.26 billion with little promotion, Pulse's unique taste and two-stage flavor experience drove significant customer engagement and word-of-mouth marketing. As competitors emerged, the DS Group contemplated strategies to sustain Pulse's momentum, including extending the brand to new formats and flavors.

1. W18319
PULSE CANDY: SUSTAINING THE BRAND
DIFFERENTIATION1
Ritu Mehta and Mayank More wrote this case solely to provide
material for class discussion. The authors do not intend to
illustrate
either effective or ineffective handling of a managerial
situation. The authors may have disguised certain names and

2. other identifying
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Copyright © 2018, Ivey Business School Foundation Version:
2018-06-01
By April 2017, within two years of its launch, Pulse, a raw-
mango-flavoured, hard-boiled candy, had
reached ₹3.26 billion2 in sales and become the leader in the
hard-boiled candy segment, beating leading
brands like Parle Products Pvt. Ltd. (Parle)’s Kaccha Mango
Bite and Perfetti Van Melle Group B.V.’s
Alpenliebe.3 Pulse sales were even higher than those of
multinational brands Oreo and Mars, which had
been in the Indian market since 2011.4 Pulse achieved this
astounding success with hardly any promotion
or advertising for the brand.
The journey for Pulse began in April 2015 when the Dharampal
Satyapal (DS) Group, a diversified
conglomerate operating out of Noida, India, launched Pulse in
three states in India as test markets.5 In the very
first year of its launch, sales of Pulse exceeded ₹1 billion.6
With its stupendous success, the brand was

3. launched in other states, and by January 2016, the company had
a pan-India presence.7 Within two years,
Pulse had surpassed ₹3 billion in sales and the company was
able to meet only 60–70 per cent of the demand.8
Eventually, competitors launched similar products, and cheap
imitations started to be sold at roadside
kiosks. In view of these developments, the DS Group needed to
consider how it could keep up with Pulse’s
sales momentum. Should it extend the Pulse brand to other
formats and flavours? Should it focus on meeting
the domestic demand or should it explore overseas markets?
These were some of the options the company
could explore to sustain Pulse’s competitive advantage.
COMPANY BACKGROUND
The DS Group was founded by Lala Dharampal (the “D” in DS)
in 1929. He started with a small perfume
store in Chandni Chowk, Delhi, and eventually launched
chewing tobacco in 1948. He was later joined by
his son, Satyapal (the “S” in DS), who earned the title of
sugandhi (perfumer) as a result of his profound
knowledge of perfumes. He used this knowledge to innovatively
blend tobacco with various fragrances.
Under Satyapal’s guidance, the company launched its flagship
brand, BABA, the first branded chewing
tobacco. The brand took the country by storm and since then,
the company had engaged in launching a host
of innovative products, including the famous chewing tobacco
brand Tulsi9 and Rajnigandha pan masala, a
betel nut product.
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Page 2 9B18A032
The DS Group slowly diversified into non-tobacco businesses.
It entered the food and beverage industry
(F&B) in 1987 by introducing Catch, a branded salt packaged in
tabletop rotary dispensers—the first of its
kind in India.10 The DS Group eventually launched a portfolio
of spices and beverages under the brand

5. name Catch. In 1999, the DS Group also entered the
confectionery segment with the pioneering launch of
a herbal mouth freshener called Pass. The DS Group further
diversified its offerings, making its presence
felt in the hospitality, dairy, agro forestry, and printing and
packaging industries.
With the government tightening regulations on the sale of
smokeless tobacco products, the company’s focus
in the consumer goods segment, especially F&B, increased over
the years. The DS Group launched Chingles,
mini chewing gums, in 2012, and in 2013 it expanded into dairy
products under the Ksheer brand. Pulse was
the latest brand in the confectionery segment, launched in 2015
under the umbrella brand of Pass Pass.
The company’s revenues and profits in fiscal year (FY) 2012/13
were ₹33.6 billion and ₹2.9 billion,
respectively.11 The F&B segment contributed approximately 22
per cent to the firm’s turnover, which was
reported to be around ₹77 billion in FY 2015/16.12
THE CONFECTIONERY MARKET IN INDIA
The per capita consumption of confectionery in India was
among the lowest globally, providing a great
opportunity for growth.13 With the country’s economic boom
and increase in customer spending, several
domestic and multi-national companies expanded their
operations in the Indian confectionery market, and
the per capita consumption of confectionery items increased.
The confectionery market was broadly divided into three
categories: chocolate, gum, and sugar confectionery.
Within the non-gum, non-chocolate, sugar confectionery
market, hard-boiled candies formed the largest

6. segment and showed promising growth.14 The hot climate in
India led to a preference for hard-boiled candies
over chocolates, which would quickly melt in the high
temperatures, especially in summers. Gum was seen
by the Indian middle class as a luxury item and was mostly
consumed in urban markets.
Although the margins were larger in high-end chocolates, about
40 per cent of the confectionery unit sales
came from candies priced at ₹0.5.15 Most of these sales were
through unorganized retail, comprising small
kirana (mom-and-pop) stores and roadside kiosks, and the
candies were sold as single units rather than
multi-unit packs or bulk purchases. The purchases were
frequently made on impulse, and children were the
primary consumers. Many of the shopkeepers used low priced
candies instead of coins to provide change
to customers.
Since entry and exit barriers in the hard-boiled confectionery
segment were low, many small local
manufacturers also operated and sold through unorganized
retail. Thus, success in the low-priced, low-
margin hard-boiled confectionery segment depended largely on
volumes. However, customers’ brand
loyalty was low and whatever little loyalty they exhibited was
toward a particular flavour, such as mango,
orange, or coffee. Mango flavour (24 per cent) and the raw
mango flavour (26 per cent) constituted 50 per
cent of the hard-boiled candy segment, followed by caramel (20
per cent) and orange flavour (16 per cent).16
Companies that dominated the hard-boiled candy market
included Perfetti Van Melle India Pvt. Ltd.
(PVMI), Parle, and ITC Ltd. PVMI was the leader in the
confectionery market. It had entered the Indian

7. market in 1994 with its brand Center Fresh in the gums
category; it gradually expanded its portfolio to
include approximately 15 brands across different sub-
categories.17 PVMI’s revenues in the confectionery
segment surpassed ₹20 billion in FY 2014/15.18 Some of its
leading brands included Alpenliebe, a mix of
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8. Page 3 9B18A032
caramel, milk, and butter; Mentos, a chewy mint candy; and
Chlormint, a breath-freshener candy. PVMI
was known for its quirky and clever television commercials that
appealed to and connected with a wide
audience. Some of its notable taglines were “dimag ki batti jala
de” (lights up one’s brain) for Mentos,
“dobara mat puchna” (dare not ask again) for Chlormint, and
“zubaan par rakhe lagaam” (keeps one’s
mouth shut) for Center Fresh.
PVMI enjoyed a strong distribution network, comprising nearly
5,000 distributors and approximately
10,000 sub-stockists that made PVMI’s products available to
small towns as well.19 The company created
a multi-tiered distribution system, dividing the products into
three categories based on the brands. Each
category had a different distributor, each of whom visited the
retailer once every week. Thus, PVMI
managed three visits to each retailer per week while the rivals’
distributors paid the retailers a once-weekly
visit. The kiosk owners who found it difficult to buy multiple
product types at one time because of limited
working capital would end up buying some of PVMI’s products
during every visit. This led to an increase
in the volume of sales of PVMI’s candies in these outlets.
The other dominant company was the homegrown, Mumbai-

9. based Parle, known for its Parle-G biscuits,
the largest selling biscuit brand in the world. The company
participated in different categories of the
confectionery market. Its best-known brands included hard-
boiled candies Mango Bite and Kaccha Mango
Bite;20 Melody, a caramel candy with chocolate interior; and
Kismi, flavoured caramel bars. Kaccha Mango
Bite was Parle’s largest selling candy. It was advertised as
“kacche aam ka Xerox” (an exact copy of raw
mango) with actor Amitabh Bachchan as an endorser of the
brand.
The other strong company, ITC, had a number of variants and
flavours under two brands—Mint-o and
Candyman. With ITC’s presence in cigarettes and packaged
food products, it enjoyed strong distribution in
urban as well as rural India. Because of its cigarette business,
the company’s products were also made
available at its large network of paan shops.21
PULSE
The Launch22
The DS Group launched Pulse in April 2015 after thoroughly
researching the market over two years. Rajiv
Kumar, vice-chairman of DS Group, noted, “We never focus on
bottom lines; if the product is fine, then
bottom lines have to come. Most of our [research and
development] projects involve a lot of time, and that
is our biggest investment. We don’t launch till we are
completely confident about the product.”
The company studied the taste preferences of Indians and
learned that the tangy flavour of raw mango was
liked by all age groups across the country. This result was

10. nothing new for the company, given the success
of Parle’s Kaccha Mango Bite candy. However, the study also
revealed that raw mango was not consumed
as it was but almost always had a pinch of salt sprinkled over it,
the chatpata (sweet and sour) flavour
tickling the taste buds. Kumar said in an interview that his
briefing to the research and development team
was, “Your eyes should close automatically to relish it [the
taste of candy].”
Based on consumer insights, the company developed Pulse, a
hard-boiled candy with a raw mango flavour
and tangy, salty powder filling the centre. The product was
different from other candies both in form and
in taste. The candy initially gave a mix of sweet and sour tastes,
and as one reached the core of the candy,
the powdered salt and spices within the hard exterior of the
candy imparted a strong sour taste.
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11. Page 4 9B18A032
The green-coloured candy was initially launched in pillow packs
in Gujarat, Rajasthan, and Delhi National
Capital Region as test markets. These territories were chosen on
the basis of preference for a mix of sweet
and sour tastes. The demand in the test markets exceeded the
company’s expectations, so it decided to
launch the candy in other major cities of India, and, eventually,
to establish presence across India.
Marketing
The DS Group had decided to use its famous mouth freshener
brand, Pass Pass, to expand its portfolio in
the confectionery business. Earlier in 2012, the DS Group had
launched Chingles, mini chewing gums, with
Pass Pass as the umbrella brand. Thus, Pulse candy was also
launched under Pass Pass.
Pulse candy had appealing packaging with shiny green and

12. black colours, giving the candy a distinctive look
compared to other candies available at the retail outlet. The
candy’s unique taste and form instantly struck a
chord with customers, who began talking about the candy
among their family and friends. The two-stage taste
experience of the candy was described by consumers as “masala
[spicy] bomb” or “magical core,” highlighting
the enthusiasm created by the candy in the market.23 The
overall feel and taste of the candy left most consumers
amazed and craving more. This craze drove customers to buy in
greater volumes, usually five to 10 candies in
one purchase. Many of them talked about the brand on social
media. Initially, most purchases were made by
youth, but word-of-mouth publicity and online reviews helped
the brand gain quick awareness and adoption
among all segments, including schoolchildren, college students,
and working professionals.
Traditionally, candies were sold at ₹0.5, but fewer ₹0.5 coins in
circulation and higher raw material costs
were increasingly driving the industry to increase the unit prices
of candy to ₹1.24 However, around the
time Pulse was launched in 2015, 86 per cent of the candies in
the market, including Parle’s Mango Bite
and Perfetti’s Alpenliebe, were priced at ₹0.5; most of these
candies weighed around 2–2.5 grams. Pulse
weighed 4 grams and was priced at ₹1.25 The huge demand and
short supply led many retailers to sell Pulse
at a premium of 50 per cent in spite of the company’s efforts to
keep a check on the retail price. A senior
official at a consumer-packaged goods company commented,
“Pulse came as a disruptor into the market.
But, the presence is too limited. Pulse received a good
acceptance, and then a supply shortage was created.
It is a good marketing trick.”26

13. The DS Group used its existing distribution network of about 1
million retailers to sell Pulse.27 The DS
Group enjoyed an extensive network because its leading brand,
Rajnigandha, had more than 70 per cent of
the market share in the paan-masala category and was available
in different nooks of the country.28 The DS
Group used this strength to establish a pan-India presence for
Pulse by January 2016.
Simultaneously, the company focused on increasing its
production in India. Instead of establishing its own
plants, the company relied on contract manufacturing. Shashank
Surana, vice-president, New Product
Development at DS Group, stated in April 2016, “Instead of
locking up capital in setting up our own
manufacturing units for Pulse, we decided that it was best to tie
up with contract manufacturers. We just
had two partners initially, which we have expanded to seven to
be able to cover the entire country, and we
are in talks to tie up with another.” 29
The group initially spent nothing on above-the-line advertising
or sales promotion. However, the candy earned
extremely favourable responses from early adopters, who shared
their experience with Pulse on social media.
Some of them even posted videos on YouTube detailing the
candy’s attributes. Gradually, the company
established below-the-line activities such as in-store promotions
and displays, and outdoor advertising.
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14. http:country.28
http:Pulse.27
http:market.23
Page 5 9B18A032
The online marketing by the candy’s fans was so powerful that
the catchphrase “pulse of India,” used by
many of the fans to describe the candy, was adopted by the
company in its hoardings. Inspired by how the
digital communities shared their journey with Pulse right from
opening the package to experiencing the
taste inside the mouth, the company launched a digital media
campaign and started actively engaging with
the customers. Interestingly, Pulse had many more mentions on
social media platforms than established
products like Parle’s Kaccha Aam and Dabur India Ltd.’s

15. Hajmola candy (see Exhibit 1).
In 2016, the DSGroup introduced two more flavours to Pulse—
guava and orange—also under the umbrella
brand Pass Pass. The candies were also made available through
the leading online retailer in India,
Amazon.com, in special bulk packs designed in the shape of a
pyramid. Pulse had also strengthened its
position in organized retail stores where it was also made
available in bulk packs.
The company launched a television commercial for Pulse in
April 2017, almost two years after its
introduction. Surana explained, “We believe this was the right
time to launch the TVC [television
commercial] as now we are at a situation when we are catering
to the demand of the markets across India.
The TVC now will help us in reaching out to more
consumers.”30 With the tagline “Pran Jaaye, Par Pulse
Na Jaaye” (Life can be given up, but not Pulse candy), the
advertisement reflected the heights to which
individuals could go to save their Pulse candy from others. The
advertisement, laden with humour,
connected well with its primary target audience in the age group
15–35 years and garnered about 20 million
views across different social media platforms.31
Opportunities and Challenges
Within two years of its launch, Pulse had become the leader of
the hard-boiled candy segment, and it
recorded sales of ₹3.26 billion in FY 2016/17. The Indian sugar
and gum confectionery market had reached
₹85 billion, with the hard-boiled candy segment growing rapidly
from one-third to nearly half of this market
over one year. The gums and eclairs segments came a distant

16. second and third, with a 20 per cent and 14
per cent market share, respectively (see Exhibit 2). The gums
and eclairs segments displayed lack of
innovation and experienced sluggish growth. Although jellies
were a relatively newer segment in the sugar
and gum confectionery market and accounted for a mere 1-per-
cent share, that segment was seeing
exponential growth like the hard-boiled candy segment—which
was the main driver of overall growth of
the confectionery market. According to Sameer Shukla,
executive director at Nielsen India, “Innovations,
new launches of brands and variants, are driving candies
segment growth to a 15-per-cent level, almost
double the rate at which [the] confectionery category is growing
at.” 32
Pulse had a close competitor in Kopiko, a coffee-flavoured
candy produced by Indonesian PT Mayora Indah
Tbk (Mayora Group), with Inbisco India Pvt. Ltd. as its sole
distributor in India. Kopiko recorded sales of
₹3.06 billion, followed by Kaccha Mango Bite in the third
position with ₹2.29 billion in sales (see Exhibit 3).
The success of Pulse saw many competitors launch similar or
new variants priced at ₹1. For instance, Parle
launched a spicy version called Parle Spicy Kaccha Mango Bite;
PVMI launched Alpenliebe Gold; and ITC
was test marketing a very similar variant, Candyman Tadka,
available in two flavours, raw mango and
pineapple.33 Local small manufacturers came out with cheaper
imitations called Spicy Beats, Plse, and Pluse
to take advantage of the demand–supply gap for Pulse. These
products copied the package design of Pulse,
making it difficult for customers to differentiate fake from real,
forcing the company to take legal recourse
against the counterfeit products.

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2020.
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http:platforms.31
http:Amazon.com
Page 6 9B18A032
LOOKING AHEAD
Pulse succeeded in catching customers’ attention through its
innovativeness, but could it sustain the brand
differentiation over the long term in the highly competitive
candy market? What, if anything, could the
company do to sustain its competitive advantage? Another
pertinent question was whether the company
should focus on domestic markets first, given that the demand
exceeded the supply, or expand into
international markets. Did the product’s phenomenal national
success guarantee its success in other markets?
Did the company have the right product for an international
market given that the candy was developed for

18. the Indian palate?
The company also needed to consider how far it could stretch
the Pulse brand to launch new products. It
was planning to extend the brand into the beverage segment
with an all-India launch of a mango drink
called Pulse Mango Masala Maar Ke. The drink was being test
marketed in Delhi National Capital Region
with a 250-millilitre PET (a recyclable plastic) bottle priced at
₹15. The Indian soft drink beverage market
was growing at a rapid rate of 15 per cent per annum. The soft
drink market reached ₹145 billion in 2017,
out of which the fruit-based beverage segment contributed ₹50
billion.34 Mango contributed 80 per cent of
the sales of fruit beverages. With the likes of The Coca-Cola
Company’s Maaza, PepsiCo Inc.’s Slice, and
Parle Agro Pvt. Ltd.’s Frooti already present in the market with
their mango variants, Pulse would be
challenged by the incumbents if the DS Group did go ahead
with a national launch of its drink.
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19. Page 7 9B18A032
EXHIBIT 1: SOCIAL MEDIA POPULARITY OF PULSE
CANDY AND ITS COMPETITORS
(JANUARY–JULY 2016)
Pulse
Candy
Parle Kaccha
Aam
Hajmola
Total number of mentions on all social media platforms 4,050
12 1,350
Number of mentions on Twitter 3,880 3 607
Number of mentions on Facebook 84 1 110
Number of mentions on discussion forums 28 2 440
Source: Compiled by the authors using data from Shruti
Venkatesh, “Candy Rush: How Pulse Got It Right,” Forbes

20. India,
August 17, 2016, accessed September 1, 2017,
www.forbesindia.com/article/real-issue/candy-rush-how-pulse-
got-it-
right/44039/1.
EXHIBIT 2: COMPOSITION OF CONFECTIONERY MARKET
IN INDIA, MARCH 2017
Segment Name Market Share (%)
Hard-Boiled Candy 48
Gums 20
Eclairs 14
Cough Lozenges 13
Lollipops 4
Jellies 1
Source: Compiled by the authors using data from John Sarkar,
“Pulse No. 1 in Hard-Boiled Candy Mkt,” Times of India, June
9, 2017, accessed September 1, 2017,
http://timesofindia.indiatimes.com/business/india-
business/pulse-no-1-in-hard-boiled-
candy-mkt/articleshow/59059970.cms.
EXHIBIT 3: SALES OF TOP CANDIES IN HARD-BOILED
CANDY MARKET IN INDIA
Candy Name Parent Company Sales (₹ Billion)
Pulse DS Group 3.26
Kopiko Mayora Group 3.06
Kaccha Mango Bite Parle 2.29
Candyman ITC 1.61
Alpenliebe Perfetti Van Melle 1.34
Note: ₹ = INR = Indian rupee; US $1= ₹66.33 on March 31,
2016.

21. Source: Compiled by the authors using data from John Sarkar,
“Pulse No. 1 in Hard-Boiled Candy Mkt,” Times of India, June
9, 2017, accessed September 1, 2017,
http://timesofindia.indiatimes.com/business/india-
business/pulse-no-1-in-hard-boiled-
candy-mkt/articleshow/59059970.cms.
For the exclusive use of p. chauhan, 2019.
This document is authorized for use only by pankaj chauhan in
BADM533 Marketing Management taught by Stephanie
Thacker, University of the Cumberlands from Aug 2019 to Feb
2020.
http://timesofindia.indiatimes.com/business/india-
business/pulse-no-1-in-hard-boiled
http://timesofindia.indiatimes.com/business/india-
business/pulse-no-1-in-hard-boiled
www.forbesindia.com/article/real-issue/candy-rush-how-pulse-
got-it

22. Page 8 9B18A032
ENDNOTES
1 This case has been written on the basis of published sources
only. Consequently, the interpretation and perspectives
presented in this case are not necessarily those of Dharampal
Satyapal Group or any of its employees.
2 ₹ = INR = Indian rupee; all currency amounts are in ₹ unless
otherwise specified; US $1= ₹64.80 on April 1, 2017.
3 John Sarkar, “Pulse No. 1 in Hard-Boiled Candy Mkt,” Times
of India, June 9, 2017, accessed September 2017,
http://timesofindia.indiatimes.com/business/india-
business/pulse-no-1-in-hard-boiled-candy-
fsevemkt/articleshow/59059970.cms.
4 Ratna Bhushan, “Re 1 Candy Pulse Hits Rs 300 Cr Sales in 2
Years, MNCs Feel the Heat,” Times of India, March 8, 2017,
accessed September 2017,
https://timesofindia.indiatimes.com/business/india-business/re-
1-candy-pulse-hits-rs-300-cr-
sales-in-2-years-mncs-feel-the-heat/articleshow/57529852.cms.
5 Sounak Mitra, “Word of Mouth Sends Demand Soaring for
Pulse Candy,” Live Mint, October 21, 2015, accessed September
2017,
www.livemint.com/Companies/PqOACgao1xQlVTmRmTEYzN/
Word-of-mouth-sends-demand-soaring-for-Pulse-candy.html.
6 John Sarkar, “DS Group's Pulse Candy Hits Rs 100 Crore in 8

23. Months, Equals Coke Zero's Record,” Economic Times, April
19, 2016, accessed September 2017,
http://economictimes.indiatimes.com/industry/cons-
products/food/ds-groups-pulse-
candy-hits-rs-100-crore-in-8-months-equals-coke-zeros-
record/articleshow/51890893.cms.
7 Ashee Sharma, “How Pulse Candy Captured the Market: The
Full Story,” afaqs!, April 27, 2016, accessed September 2017,
www.afaqs.com/news/story/47821_How-Pulse-candy-captured-
the-market-The-Full-Story.
8 Ishan Arora, “Is The Pulse Candy Success Story For Real?,”
Youth Ki Awaaz, August 22, 2016, accessed April 4, 2018,
www.youthkiawaaz.com/2016/08/is-pulse-candy-success-story-
for-real.
9 Tulsi was a chewing tobacco brand made from betel nut mixed
with sandalwood oil. Kewra essence (sweet flowery fragrance)
was added to give the brand its distinct flavour.
10 “Milestones,” DS Group, accessed September 2017,
www.dsgroup.com/milestones.aspx.
11 Prince Mathews Thomas, “Can DS Group Diversify Beyond
Tobacco Like ITC Did?,” Forbes India, April 29, 2014, accessed
October 2017, www.forbesindia.com/article/boardroom/can-ds-
group-diversify-beyond-tobacco-like-itc-did/37660/1.
12 “DS Group Eyes 20–24% Revenue Growth This Fiscal,”
Business Standard, December 4, 2016, accessed September
2017,
www.business-standard.com/article/pti-stories/ds-group-eyes-
20-24-revenue-growth-this-fiscal-116120400166_1.html.
13 Rupali Mukherjee, “Chocolate Consumption to Grow Fastest
in China, India,” Economic Times, July 14, 2015, accessed
October 2017,
https://economictimes.indiatimes.com/articleshow/48066437.cm
s.
14 K. Rajani Kanth, “DS Group Eyes Rs 100 Crore from Pulse
Candy,” Business Standard, November 25, 2015, accessed
October

24. 2017, www.business-standard.com/article/companies/ds-group-
eyes-rs-100-crore-from-pulse-candy-115112500467_1.html.
15 John Sarkar, “DS Group’s Pulse Candy Hits Rs 100 Crore in
8 Months,” op. cit.
16 “DS Group's Pulse Candy: The Sweet That Has Set the
Candy Market’s Pulse Racing,” ET Brand Equity, April 19,
2016,
accessed October 2017,
https://brandequity.economictimes.indiatimes.com/news/busines
s-of-brands/ds-groups-pulse-
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17 “Who We Are,” PVM India, accessed April 4, 2018,
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18 Mitra, op. cit.
19 Shuchi Bansal, “The Sweet Spot,” Business Standard, June
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20 “Kaccha mango” translated to “raw mango” in English. It
was a flavour Indians typically liked.
21 Paan was a betel leaf preparation combined with nuts and
spices for a fresh feel in the mouth. It was usually consumed
after meals
since it was believed to aid in digestion. Roadside kiosks
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22 Information in this section came from Shruti Venkatesh,
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23 Sharma, op. cit.
24 ₹1 = 100 paise.
25 Sharma, op. cit.

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27 ICRA Ltd., “Dharampal Satyapal Limited,” rationale report,
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28 Arora, op. cit.
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32 Sarkar, “Pulse No. 1 in Hard-Boiled Candy Mkt,” op. cit.
33 Amit Bapna, “Will This Candy Brand Get the Right Pulse
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26. This document is authorized for use only by pankaj chauhan in
BADM533 Marketing Management taught by Stephanie
Thacker, University of the Cumberlands from Aug 2019 to Feb
2020.
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